Arrow Global, a leading European vertically integrated asset manager specializing in credit and real estate, has completed the acquisition of Estalagem da Cegonha, a unique, listed and historically significant asset in Vilamoura, built in the 19th century. XVI, once home to the Morgado de Quarteira and visited by kings and poets such as Dom Sebastião and Luís de Camões.
“Estalagem da Cegonha is an iconic building in Vilamoura, but also in Portugal. We believe that the building and the land that forms part of it have enormous potential and, for this very reason, we have a unique project for this magnificent infrastructure that is five centuries old,” announces John Calvão, Main of the Arrow Global Funds.
The deal includes two plots of land: the first plot with qualified buildings where a 40-room boutique hotel will be built (the main building) and 76 tourist residences. The second lot will be used to build 21 houses.
Image: Estalagem da Cegonha
“The grounds of Estalagem da Cegonha are particularly important because it is the manor house of the former morgado of Quarteira, acquired at the end of the 1960s by Cupertino de Miranda, seen as Vilamoura’s first visionary,” says João Bugalho, CEO of Arrow Global Portugal.
Francisco Moser, CEO of Hospitality at Arrow Global Portugal, explains that “due to its location, opposite Natura Village, one of the projects under development by Vilamoura World, and very close to the golf courses, as well as the equestrian center and the Vilamoura International College, the five-star boutique hotel and the entire project will consolidate the north-western area of Vilamoura and attract a new segment of premium tourism”.
The acquisition process was managed by Norfin Serviços, the Portuguese asset manager that is a subsidiary of Arrow Global, as Francisco Sottomayor, CEO of Norfin, explains: “Over the last three years we have participated in asset acquisition processes such as this one for Arrow’s funds. These are important projects for the country, which makes us very satisfied with the work of our teams. We remain committed to contributing to the development of the region, as well as the Hospitality and Residential sector in Portugal.”
The asset was sold by the Discovery Portugal Real Estate Fund, following its ongoing divestment plan. Estalagem da Cegonha benefited from active management initiatives in terms of urban planning and licensing, which together contributed decisively to the property’s strong appreciation.
“Explorer Investments acted as Investment Advisor for the Discovery Portugal Real Estate Fund, which with this transaction surpasses the €100M barrier in accumulated sales. It was another successful operation that contributed to creating value for the Fund’s investors,” according to José Tiago Silva, Partner at Explorer Investments.
Arrow Global, a leading European vertically integrated asset manager specializing in credit and real estate,
The growing investment in the hotel sector in Portugal has led Arrow Global Portugal (AGPT),
Arrow Global, the European vertically integrated asset manager, has completed the acquisition of the main
